Hello everyone, my story began in 2022 until now, with the biggest loss occurring in early 2024. I started
Shorting BTC from 54,000 USD and holding until 73,000 USD, I lost over 1 billion VND and learned painful lessons. This article is a real experience, not meant to encourage anyone to invest.
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1. Not setting a stop loss – a classic mistake
I shorted BTC from the 54,000 USD mark, confident in technical analysis and feeling that the market was 'too hot'. But when the price rose back to 56k, then 60k, I still held the position. By 65k, I DCA'd more because I thought 'it couldn't go up anymore'. By the time BTC hit 73,000 USD, I officially burned my account with a total loss of over 100,000 USD – the money accumulated over a decade.
I was wrong from the beginning: I never set a stop loss, nor did I have any risk limits.
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2. Abusing leverage and DCA based on feelings
I use 50x leverage. When the market reverses, I 'itch' to enter orders again – unconsciously. Although the volume for each DCA is not too large, the total volume is still out of control. Keeping the same volume when DCA (entry at 54k, DCA at 65k, 70k) only drags the average price up slowly – by the time BTC slightly decreases, I cut it only to break even or still incur losses, while my capital has already suffered heavily.
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3. Trading based on emotions and not following trends
I used to have the habit of 'seeing green and going short'. When I saw the market rising strongly, I immediately entered orders without technical analysis or assessing long-term trends. I also used to open long/short orders simultaneously to be 'safe', but always took profits early and held onto losses – a self-destructive strategy.
I am addicted to looking at charts, addicted to entering orders, and have bought altcoins right at the top. Greed caused me to go from someone with a stable financial background to a person out of control. Unemployed, almost divorced, nearly bankrupt – it all started from those times of 'thinking I was right' and 'the market was wrong'.
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Conclusion – Self-reminder
I write this not to complain, nor to encourage anyone to trade accordingly. I just want to remind myself:
• Only trade BTC, do not touch altcoins.
• Must have a clear plan: entry point, stop loss point, take profit point.
• Only enter orders when the market provides a clear opportunity, do not predict tops and bottoms.
• Never go against the trend.
• No need to win every day – just survive long enough to win.
I still haven't beaten this market. But I am learning how not to let it defeat me again.
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